Daily Market Update 7/14/08

Mortgage rates improved Monday, regaining ground lost Friday afternoon, on reports the Fed and Treasury will take steps to support Fannie Mae and Freddie Mac. This will be a busy week for economic news beginning Tuesday with the Producer Price Index and Retail Sales reports, followed by Wednesday’s release of the Consumer Price Index and Industrial Production for June, along with minutes from the last Fed meeting. Bank stocks tumbled following Friday’s collapse of IndyMac and concerns over the stability of other large financial institutions, particularly Washington Mutual and National City Bank.

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